Long term capital gain

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sandeep (Querist)
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19 November 2012 Dear Sir,

Suppose I have gain a long term capital gain in flat amounting to Rs 3500000 so in this case where should i invest this amount,and how should i take this payment if i have taken this payment through cheque so should i deposit this cheque in my saving account,what time horizon i will get to invest this amount
Should i have to show this long term capital gain in A.Y 2013-2014 or not i will get full 1 year for my investment i am correct or not

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 November 2012 1. You can claim exemption under Section 54 by investing the capital gain in a residential house property.
If the amount is not invested by the due date of filing the return, the amount should be deposited in a Capital Gain Account.

2. You can also avail exemption under Section 54EC by investing in specified bonds. The time limit is 6 months from the date of transfer.

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